While the UAE, Kuwait, Oman, Egypt, Jordan and Morocco are moving forward with at least ten solar power facilities worth USD 6.8 billion more regional renewable energy projects will be announced in the next 12 months.
Ms Anita Mathews exhibition director of Middle East Electricity said that "By 2030, almost 15.7 per cent of the world's energy will be coming from renewable sources. With global hydrocarbon resources dwindling amid a concerted effort to build a green environment while reducing carbon emissions, countries across the world are now turning to green energy."
She said that while the Mena region has a long way to go to catch up with the rest of the world in terms of renewable energy investment, governments are definitely reviewing their strategies and aiming at increasing the shares of renewable energy in their energy mix of the future.
According to the latest Global Trends in Renewable Energy Investment report, Global renewable energy investment has reached an all time high in 2011 of USD 257 billion but the Mena region lags behind the rest of the world, accounting for only 2.1% of total renewables investment for the year.
Though Mena countries have an abundance of renewable sources to become a world leader in renewable energy predominantly solar and wind policy uncertainty created by socio political turmoil has delayed progress.
Additionally, disincentives built into electricity price subsidies have stalled renewables deployment within the Mena region according to the report, which was released this year in collaboration between the United Nations Environment Program and the Frankfurt School of Finance and Management. Countries spared by the turbulence such as the UAE and Morocco however made significant advancements.
With the renewable energy sector highlighted as a key focus this year, the event's organizers Informa Exhibitions believe that regional investment in the sector will pick up again after a disappointing year in 2011 in which investment had dropped by 18% from 2010.
Informa will also launch Solar Middle East alongside Middle East Electricity, a three day event dedicated to the regional solar industry which is set to become the largest gathering of solar technology suppliers ever seen in the Middle East.